THREAD: On the Matter of Circumventing the Treasury Single Account TSA in Nigeria

No Comments » August 25th, 2018 posted by // Categories: Nigeriawatch

From: Mobolaji Aluko <>
To: Nebukadineze Adiele <>
Cc: Others
Re: : #2: On the Matter of Circumventing the TSA
Aug 25, 2018, 6:30 AM
Nebukadineze Adiele:
I am super-happy that you now see my point, and I trust that our readers too.  As a teacher (university professor), I always know that if I teach a topic in various ways, various perspectives, eventually the MAJORITY of my students get my point, maybe not the first time, but the second or third time – but hopefully before the semester is over!
In closing, let me provide the references below, indicating  that the Federal Government actually closed over 20,000 bank accounts in 900 MDAs (let’s say 1,000 MDAs) and public parastatals,  moving N5.2 trillion (let’s say N5,000 billion)  from September 2015 to September 2016!  In short, each MDA had on average almost 20 bank accounts, with NNPC alone having 2,000!  On average too, each MDA had N250 million deposit – which is a lot of money for a CEO of an MDA to play with.
At Otuoke, we moved 23 bank accounts in 8 DMBs with a total of about N620 milion into TSA  by September 15, 2015, and by November 15,  2015, we had started to operate the TSA without  any problem until I left in February 15,  2016, leaving about N505 million in the account.
These numbers give – only at the federal level – give you the depth of the problem, and why the adoption of some form of TSA countrywide will deter opportunistic financial corruption significantly, without hurting the banks and/or the economy significantly, IF the various governments and/or the MDAs just do not sit on the money.
And there you have it.
Bolaji Aluko

Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA.

The Accountant General of the Federation, Ali Ahmed Idris, gave the figures on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

The event which was attended by Vice President Yemi Osinbajo, the Minister of Finance, Mrs Kemi Adeosun, the Secretary to the Government of the Federation, Mr Babachir Lawal among other top government officials had as its theme, “One year anniversary of Treasury Single Account: Benefits, challenges and way forward.”

The TSA is a platform which was used by the government to unify all its accounts by ensuring that all monies belonging to the federal government are kept with the Central Bank of Nigeria.

The initiative which took off fully in September 2015 had been complied with by over 900 agencies of government.

Since the commencement of the TSA, there had been series of job losses in banks owing to decline in deposits.

But the Accountant-General while speaking at the event described the implementation of the TSA as one of the success stories in the management of public finances.

For instance, he explained that through the policy, the government has been able to block leakages and abuse which had characterised the public sector before its commencement in October 2015.

Apart from blocking leakages, Idris said the TSA initiative has assisted the government to overcome the burden of indiscriminate borrowings by MDAs thus saving government a lot of bank charges associated with these borrowings.

For instance, he noted that prior to the full commencement of the TSA, the government was incurring about N4.7bn monthly on bank charges, adding that this has been eliminated through the TSA initiative.

He said, “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

“However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.

“As at the 10th of February,2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24trn.

“We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over Deposit Money Banks across the country.

“This has further brought about transparency and effective tracking of government revenues.”

TSA forced NNPC to close over 2000 bank accounts – official

The introduction of the Treasury Single Account (TSA) in August 2015 reduced the number of accounts managed by the Nigerian National Petroleum Corporation (NNPC) from over 2000 to a little under 200, the corporation’s chief financial officer (CFO) said.

Mr. Isiaka Abdulrazaq the NNPC CFO spoke in an interview published in the corporation’s quarterly magazine.

The TSA, a centralised Federal Government revenue account kept by the Central Bank of Nigeria (CBN) was proposed and only partially implemented in 2012 but the Buhari Administration started its full implementation in 2015.

“It is on record that NNPC is one of the few parastatals of government that achieved seamless movement of funds from deposit money banks to the various TSA accounts opened by the CBN,” Mr. Abdulrazaq said.

“The process reduced the unwieldy number of accounts managed by the Corporation from over 2000 to a little under 200,” he said adding that all the old accounts with the commercial banks have been fully reconciled and closed.

NNPC has in recent times been accused of colluding with some banks to prevent the remittance of some funds into the TSA.

NNPC has refuted such allegations explaining that it had earlier taken steps to inform the Presidency, Office of the Accountant General of the Federation, (AGF) and the CBN on the existence of such accounts.

The AGF Alhaji Ahmed Idris said recently in Abuja that since the introduction of the TSA in 2015 over 17,000 bank accounts have been closed while huge sums of money had been moved from Deposit Money Banks to the CBN.

On Sat, Aug 25, 2018 at 4:31 AM Nebukadineze Adiele <> wrote:
  • My position is that allowing this large number of MDAs at every level of government – possibly 10,000 total – to open 5, 10, 20, 50 bank accounts is a recipe for fiscal chaos in Nigeria  – which is what we currently have. Rather, each level of government should either set up its own Independent reserve Bank, or use the state branch of the Federal central  bank as that reserve Bank or Treasury, or designatee one DMB as its reserve Bank, and, like the Federal Government is doing, operate a treasury single account (TSA). Finance Minister Adeosun has recommended this for the subnational levels, but federalism cannot allow the Federal Government to enforce it on lower levels So the MDAs act through their cognate reserve TSA bank, but that bank is free to relate to the DMBs. In fact, the ordinary citizenry cash their checks and can pay to Government through the DMBs – as we do in the US – but the DMBs simply act as pass -throughs in those transactions to the relevant reserve Bank. What can be wrong with this reasoning? (Prof. Aluko).
Nothing is wrong with that reasoning, so I accept it because I had underestimated the number of MDAs and bank accounts that could have existed before now. Incredible!
Thanks for a highly enlightened and enlightening conversation. 
Nebukadineze Adiele
Organized religion sired irrationality. 


—–Original Message—–
From: Mobolaji Aluko <>
To: Nebukadineze Adiele <>
Subject: Re: #2: On the Matter of Circumventing the TSA


We are getting somewhere with these our discussions about the relationship between government levels (Federal, State and local government), their MDAs  (ministries, departments and agencies) at each level,  and deposit money Banks (DMBs), with branches all over the country.   They are important, because they are the largest avenues for opportunistic  corruption in Nigeria.
In Nigeria, there are:
– one (1) Central Bank (for the Federal Bank, with branches in Abuja HQ and all the 36 states.  and
– twenty-two (22) commercial DMBs, post-consolidation
.- almost 700 MDAs (663 by some count) in the Federal government alone, maybe a third or a quarter  of that number (100 to 200)  IN EACH of the 36  STATEs  of the Federation, and maybe a couple dozen (10 to 20) in EACH OF THE 774 LGs in the country.
My position is that allowing this large number of MDAs at every level of government – possibly 10,000 total – to open 5, 10, 20, 50 bank accounts is a recipe for fiscal chaos in Nigeria  – which is what we currently have.  Rather, each level of government should either set up its own  Independent reserve Bank,  or use the state branch of the Federal central  bank as that reserve Bank or Treasury,  or designatee one DMB as its reserve Bank, and, like the Federal Government is doing, operate a treasury single account (TSA).  Finance Minister Adeosun has recommended this for the subnational levels, but federalism cannot allow the Federal Government to enforce it on lower levels
So the MDAs act through their cognate reserve TSA bank, but that bank is free to relate to the DMBs.  In fact, the ordinary citizenry cash their checks and can pay to Government through the DMBs – as we do in the US – but the DMBs simply act as pass -throughs in those transactions to the relevant reserve Bank
What can be wrong with this reasoning?  I see nothing.
In my forty years in the US, I have never been issued a federal or state check that bears the imprints of a regular bank, nor have I been asked to pay a government fee or fine into a government account with a designated number in a regular bank.   Never, yet this goes on every day in Nigeria.
Finally, let us agree that, like in all human endeavors, there are advantages and disadvantages in any system.  I happen to believe that with TSA, advantages outweigh disadvantages, while you believe the opposite.
Fine then!
And there you have it!
Bolaji Aluko


On Friday, August 24, 2018, Nebukadineze Adiele <> wrote:

Professor Aluko, 

If I am not mistaking (different from if I am not mistaken), the summation of your points is that governments in the US (federal, state, and local ones) do not patronize commercial banks? I disagree and if you doubt me, check returned checks you had sent to any of these governments and see where they were cashed — commercial banks or Federal Reserves.

First of all, in terms of fiscal matters and the military, the US is a world onto itself and cannot be compared to any other country. If the US government and its subsidiary ones (state and local) can ignore commercial banks, the private sector is still humongous enough for commercial banks to survive without government’s patronizing of them. That notwithstanding, while the Feds (Federal Reserve Banks) my be clearing houses for various levels of governments in the US (in dealing with commercial banks), it is indisputable that these levels of governments do operate commercial bank accounts — please look into into this if you doubt me.
I do understand the problem of bottleneck that you raised over renewing or adding names to signatory lists, following retirements and or unceremonious exits from service. Again, those areas can be improved upon if government makes doing so a priority. I am telling you, prof, there is no way the economy of Nigeria will not shrink and possibly crumble if the federal government and local governments are not patronizing commercial banks. TSAs at the CBN is undermined by its disadvantages, which overwhelmingly outweigh its advantages. Bear in mind that CBN’s supervising of the commercial banks is different from law enforcement’s implementing of laws governing commercial banking in Nigeria. Commercial banks have a responsibility to ensure that government functionaries do not use corrupt methods to tamper with government money lodged with them. In Nigeria, commercial banks fail to live up to that responsibility because they benefit from such corruption. The solution cannot be to punish the economy through TSA, the solution must be to enforce the laws by bringing gullible banks to the book. TSA does not have to be abrogated, it just needs to be liberalized enough to check corruption and to not freeze the economy.

I agree with your leaving off the politics of APC etc, I should have left them off myself.

Nebukadineze Adiele
Organized religion sired irrationality. 

—–Original Message—–
From: Mobolaji Aluko <>
To: Nebukadineze Adiele <>
Cc: others
Sent: Thu, Aug 23, 2018 10:56 pm
Subject: Re: On the Matter of Circumventing the TSA


I do not wish to get into the APC/PMB aspects of this TSA issue because polirics will get into the way and we won’t agree on anything…do let us park that for the moment. In any case, TSA cuts across two administrations now.

We also should separate stricter oversight of the banks by the CBN from the TSA matter, because investment in TBills with Government money in an arbitrage fsshion is NOT the banks’ fault, and any OTHER nefarious activities with Government money (like colluding to hold back money and paying interest secretly to Goverrnmet employeee) is initiated by those Government employees and not necessarily by the banks.

There are two further issues that I  wish to raise.  The first is the practical matter of signatories – usually two or three per bank account.  When an MDA has 10, 20, 50, 100 bank accounts, with signatories that get transferred, promoted, fired, moved aside, dead, etc, the nightmare of changing signatories is HUGE, and some accounts just DELIBERATELY  fall through the crack, and become PRIVATIZED.  The existing pre-TSA regulation is that no bank account can be established by any MDA without the Accountant General’s Offuce, but that office gets overwhelmed and it dies not respond in a timely manner, and the MDAs just go ahead and open them anyway due to the doctrine of necessity.  (This is what got HoCS Oronsaye into trouble – operating an unauthorized account, and then earning unauthorized interest on it!)

The second issue is best global practice.  Can you please tell me any country which leaves  decision of lodging public money of MDAs in private banks in the hands of CEOs of these MDAs.  Certainly, not in the US, because in the US, the management of government money is divided between the Department of Treasury (with wider Powers than  our Ministry of Finance) AND Federal Reserve Bank (with similar but less power than our CBN).
The basic functions of the Department of the Treasury mainly include:[13]
Certainly, you cannot pay all bills of the U.S., manage the federal finances and manage government accounts and the United States public debt without having direct hand on the money.
But see what the US Federal Reserve Bank does:
Map of the twelve Federal Reserve Districts, with the twelve Federal Reserve Districts enumerated in black circles and the twelve Federal Reserve Banks marked as black squares. Branches within each district are marked as red circles. The Washington, D.C. headquarters is marked with a star enclosed in a black circle.
Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913.[1] The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee……..
The Federal Reserve System provides the government with a ready source of loans and serves as the safe depository for federal money. The Federal Reserve is also a low-cost mechanism for transferring funds and is an inexpensive agent for meeting payments on the national debt and government salaries. The Federal Reserve Banks were created as instrumentalities to carry out the policies of the Federal Reserve System.
So clearly the US Department of Treasury “manages” federal money stored in the twelve  US Federal Reserve Banks of the Federal Reserve System aka central Bank of the US which is a “low cost mechanism for transferring funds” (as compared with ordinary banks clearly).  Those Federal Reserve Banks regulate financial institutions ( eg ordinary banks , etc) within their districts, and are free to put and withdraw money from these institutions as their mandates allow.
I do not believe that Goverrnmet depatments and agencies in the US deal with deposit money banks directly, but you tell us.
Bolaji Aluko

On Thursday, August 23, 2018, Nebukadineze Adiele <> wrote:

This is Bolaji Aluko at his best — teaching and enlightening. You and Imperial Wizard have held informative conversation over this TSA, to which I wish those running Nigeria are paying attention. 

The TSA has some advantage but its disadvantages are enormous — I won’t get into that now, no time. You are correct that government was putting its money into commercial banks and then borrow its own money back from those banks and paying interests — a seemingly stupid and corrupt conduct — but TSA cannot be the sole remedy for that. TSA may check corruption but its other downsides wipe out that check, so the solution is government’s bring down the hammer on banks and their directors. Government’s putting its money in commercial banks is appropriate because it creates wealth as the banks use the money to help businesses grow — it is done everywhere in the world. Hoarding the money at the CBN obstructs the creation of wealthy and even risks putting commercial banks out of business and throwing hundreds of thousand of Nigerians into the unemployment line, which will in turn hasten poverty and criminality in the land. The interest the government pays to commercial banks to borrow its money back is a pittance compared to its over all contribution to stabilizing the Nigerian economy — and possibly the economies of our neighbors in West Africa.
Banks are crooks all over the world but their crookedness is checked by government regulations, but that’s not the case in Nigeria where banks are borderline armed robbers. Commercial banks in Nigeria collude with unscrupulous elements within the CBN to keep interest rate high, even though so doing is damaging to the Nigerian economy and its currency valuation, but that treasonous act is put in place so that a small elite makes steady killings from a manipulated fiscal aspect of the economy.
In the US, for example, commercial banks are still crooks but the government does not capitulate to them, instead the government severely punishes them and their directors when caught in misbehavior, that’s why banks’ misbehavior is not as rampant and brazen as is the case in Nigeria (as terrible as he was, Sani Abacha did read the riot’s act on erring banks during his reign). There are enough laws to check the excesses of banks in Nigeria, the Buhari administration just needs to enforce them, instead of capitulating to banks through implementing archaic policies like TSA — yes, restrict the number of accounts as much as possible but make them multiple, resident at commercial banks, and restrict the number of persons who can access the funds in them. When accounts are sourced (as in funds withdrawn) by unauthorized signatures, banks (up to the cashier) must equally be held criminally liable for such sourcing — most banks would sit up over this — that is the way it is here, in the US. With the TSA, what Nigeria is doing is similar to a parent’s refusing to feed a baby just because the baby eats too much. No, over time the baby will become malnourished or even die from starvation, so not feeding a child is not a good or reasonable thing to do to ward off gluttony, putting one’s foot down is.
The TSA inadvertently hoards money, which creates hardship — if money is not circulating within an economy, hardship is immediately felt by the populace, that’s why some people bizarrely ask for corruption to be brought back. They are not actually asking for a return to corruption, they are merely registering their disappointment over the non movement of money in the economy. To the unenlightened (over monetary policy) TSA’s checking of corruption is the be all and end all; it isn’t if it restricts the free flow of currency. The Nigerian government is the largest sources of wealth dispensing in Nigeria, so when its money is tied down at the CBN in the name of fighting corruption, where it generates no interest by the way, the entire economy witnesses a stall (Imperial Wizard was wrong in thinking that the money left in TSAs can be traded — no; they are budgeted funds whose purposes have already been assigned).
The APC government is viewed as having brought hardship to Nigerians because they are idealists on most matters of state — their administrative acumen is minimal, if not primitive. President Buhari’s minimal education has worked against him because he does neither understand most of these policies  brought before him nor understand their implications on the populace. Making life a little easier for the people is one of the functions of any government and if APC is not doing that or if it is even doing the opposite, while pretending to be fighting corruption, the people will not reward it at the polls, period.
I hope that they are reading and watching, the election is just around the corner and no amount of rigging will do it for APC. Based on its performance so far, APC is exactly a replica of the squandering of goodwill that NPN was in 1982. But for massive rigging, NPN was going to be defeated at the polls in 1983; I see the similarity, which only a deranged ape would not see it.
By the way, APC is not solely a progressive party, even though its name suggest so. APC is a conundrum, an amalgam of incompatible deplorables; that’s why it is dying from its inside. The CPC wing of APC is as conservative as Ahmadu Bello’s NPC (I realized it after Buhari came to office, he pretended otherwise before he was elected president); the PDP wing is mildly conservative; the ACN wing has some degree of progressiveness, but not enough to be categorized as fully progressive; the others are confused Bantus who just joined a political party irrespective of what ideology it harbors. When an ape declares that APC is a progressive party, no sane person should listen to it or dignify its idiocy with a direct response.
Nebukadineze Adiele
Organized religion sired irrationality. 

—–Original Message—–
From: Mobolaji Aluko <>
To: Imperial Merchant Trust Ltd <>
Cc: Others
Sent: Thu, Aug 23, 2018 2:38 pm
Subject: Re: On the Matter of Circumventing the TSA (Re:…..


By the way, TSA is like an Esusu in which Government and MDAs are members, with Government holding the money with the CBN.

Bolaji Aluko

On Thursday, August 23, 2018, Mobolaji Aluko <> wrote:


Thanks for your compliments and thoughts.
Provided the TSA does not allow public servant manipulation, its  funds are liquid to the owning MDAs, arbitrage by DMBs is not allowed, and unused balances are profitably used both in the private and public sectors, I support its implementation.
It should be mended, not ended.
And there you have it.
Bolaji Aluko

On Thursday, August 23, 2018, Imperial Merchant Trust Ltd <> wrote:


As you late dad ( Prof Sam Aluko ) used to put it those days “ economics is common sense made difficult “. I know you to be an engineer but it appears you also have a very sound knowledge and understanding of practical finance.
What I understand the CBN does with the TSA fund under its management is to “ warehouse “ the entire fund in the current account instead of using same ( or a reasonable proportion of the relolving fund ) to reduce or offset the funding requirements of the Debt Management Office which auctions  billions of naira in Treasury Bills and Certificates on weekly and quarterly basis respectively  .

If say, about 75%  of 6 trillion naira (average balance) held in the TSA account is invested in the government securities or used to offset the weekly funding requirement by the DMO, the country may end up with annual savings of about 450 billion naira in interest payout (assuming discount rate of 12% per annum ).

Sent from my iPhone
On 23 Aug 2018, at 5:36 PM, Mobolaji Aluko <> wrote:


Thanks for your thoughts.  No doubt that any new system, after some tires kicked, must be re-evaluated and modifications introduced, but nothing must be done to thwart the original intent of ensuring that public funds in private banks  are not so egregiuosly manipulated by public servants.
As to your points:
1.  My experience is that bottlenecks are exaggerated.  Virtually all activities in Remuta  are by electronic transactions, and Nigeria EXCELS  in electronic money transactions compared with any country in the world.  I can be quoted on that.
2.  The issue of EARNING INTEREST is an interesting one, no pun intended.  The fact of the matter is that most of the banks, both before and even now after TSA,   rather than lending to the  real sector, make a lot of their money trading in Government Treasury Bills at 12 percent to as high as 17 percent, while they give 4, 6, 10 percent to deposit lodgements.   Now those T-Bills are really  losns to Goverrnmet to fund Budget deficits and capital projects.  In short, Government in pre-TSA days was  putting HEAVY SUMS  of money in banks, and borrowning FROM ITS OWN MONEY – a clearly stupid move.  Yes, an  individual MDA may earn interest from using banks,   but OVERALL  the Government loses money – losds of it.
3.  It is not proper for the CBN to act  COMPLETELY  like a Deposit Money bank or for money to be tied down.  So what Government should do is use the large TSA money to get leverage from the banks viz:
  (I) by lodging some TSA money with banks, in accounts not decided or operated by the MDAs
  (Ii) forbidding the benefitting banks from buying Government instruments from the government  portion lodged.  Clealrly, the CBN knows the total financial standing of each bank, and therefore that percentage which is government lodging.  So this rule does not preclude the banks in dealing in government instruments with  its non-government funds.
  (Iii). Most importantly, Government should use that leverage to ensure that banks that get that favor of lodgment lend to the real sector at favorable rates.
The proviso  here is that no MDA should be denied its TSA money whenever it genuinely needs it, no matter whether if that money is in the CBN or at a DMB.
Your thoughts are welcome.
Bolaji Aluko

On Thursday, August 23, 2018, Imperial Merchant Trust Ltd <> wrote:

Without an iota of doubt, TSA has substantially reduced the aggregate level of corruption associated with funds management but the system as well has some downsides .
Cost to the system include but not limited to the following  : increase in the administrative bottleneck; it denies the government opportunity to earn some interest on its various funds presently tied down st the CBN TSA account; and the combination of the above drawbacks have at least marginal negative effects on the overall expansion of  our economy . Without any delay, we can develop an accounting system that would substantially address all the above shortcomings by introducing soft or modified TSA .
Sent from my iPhone

On 23 Aug 2018, at 3:08 PM, Mobolaji Aluko <> wrote:

Joe Attueyi’:

1.   There is no doubt that there are ongoing serious efforts to undermine the TSA.  However in the news that you cast below, you failed to highlight this relevant  portion of the report:
The directive followed revelation by an official of the Central Bank of Nigeria (CBN), Mr. Dipo Fatokun, who testified before the lawmakers that implementation of the TSA policy was yet to score 100 per cent compliance.
Fatokun who promised to present  a reconciliation report after engaging commercial banks, in conjunction with the office of the Accountant General of the Federation by the end of this month, specifically cited the amount under the NNPC Joint Venture accounts yet to be captured under the TSA policy.
He claimed that part of the N50 billion might have been withheld by some of the commercial banks due to litigation involving the NNPC. He also hinted that money belonging to the judiciary and the National Assembly was lodged in commercial banks in defiance of the policy.
The implementation has not been 100 percent….
From the very beginning, there have been statements about for the time being granting waivers to accounts with substantial foreign JOINT partnerships and account balances.  Even universities have sought such waivers for foreign grants..   Note that the MDAs still have to enrol with TSA and move their Naira money therein.   After all, you cannot just mix different  currencies together in the same Treasury SINGLE account for a given MDA, and an NNPC with frequent  need for  various currency transactions around the world might  then need VARIOUS TSA accounts rather than just ONE envisaged for each  MDA.  Also, the Legislature and the Judiciary have argued that they are SEPARATE and CO-EQUAL  branches of government, and that so the TSA executive mandate should not apply to them, even though they agree that it is a good idea.  Ditto for states.
Those are still issued being trashed out.
2.  This was a December 2017 news item.  So what has happened since?  Inquiring minds want to know from you, the newscaster.
3.  If 100 percent of the MDAs are enrolled in TSA, and less than 5-10 percent of their funds – particularly foreign component – are either waived for cause or specially accommodate in a domiciliary TSA component, then  the scheme would still be a resounding success against corruption in the public financial sector.
Bolaji Aluko

On Thursday, August 23, 2018, Joe Attueyi <> wrote:

Those who circumvent the TSA clearly are first-order crooks, not the opportunistic ones.
And there you have it
Bolaji Aluko

Reps summon GMD, CEOs, seek evidence ‘Buhari approved non-compliance’

The House of Representatives yesterday uncovered how the Nigeria National Petroleum Corporation (NNPC) flouted the Treasury Single Account (TSA) policy by depositing over N50 billion in various commercial banks.
Consequently, it summoned the NNPC Group Managing Director (GMD), Mr. Maikanti Baru, to appear before its ad hoc committee probing implementation of the policy next week Wednesday.
The committee, led by Mr. Abubakar Nuhu Danburam, also directed the NNPC to produce proof the breach was carried out with the approval of President Muhammadu Buhari, who is the substantive Minister of Petroleum Resources. The directive came after a member of the committee, Mr. Simon Arabo (Kaduna, PDP), questioned the genuineness of a letter purportedly signed by Mr. Abba Kyari, Chief of Staff to the President, conveying Buhari’s consent to lodge the amount in commercial banks….
Sent from my iPhone

On 23 Aug 2018, at 01:25, Mobolaji Aluko <> wrote


Good summary….
Nigeria is a mine-field for any unwary executive who wants to do right – and a gold-mine for those who want to do wrong, until they are caught!  As VC, I was watching my accountants like hawks, and ready to scream if I did not understand a particular transaction!
The TSA has made it fairly difficult, almost impossible, for what happened under Grange to happen now.  There are no bank officials to be handing you GMG bags!  I operated under it with relief in my last six months, and I know the difference.    That is why there are serious complaints of “poverty” in the Civil Service right now. Those who circumvent the TSA clearly are first-order crooks, not the opportunistic ones.
And there you have it

Bolaji Aluko

On Wednesday, August 22, 2018, <> wrote:


Thanks for highlighting the additional details about
the events that led to Prof Nike Grange’s rsignation
from President Yar’adua’s cabinet………

…….materials deleted from thread…..

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